AF Gruppen — Share Issue/Capital Change 2011

Jan 10, 2011

Option scheme for employees - redemption offer

According to authority given to the Board of

Directors by the General Meeting on January 4 2008 in

connection with the employee option scheme, the Board

of Directors of AF Gruppen ASA has today decided that

all outstanding options will be offered redeemed on

February 15 2011. Total outstanding options are

5,220,000, of which 5,038,750 have a strike price of

NOK 25 and 181,250 a strike price of NOK 29.80.

For further information:

CFO, Sverre Hærem, tel. +47 952 45 167